CCC Intelligent Solutions (NYSE:CCCS) Shares Gap Down After Analyst Downgrade

CCC Intelligent Solutions Holdings Inc. (NYSE:CCCS)’s stock price gapped down before the market opened on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $14.00 to $13.00. The stock had previously closed at $10.95, but opened at $10.50. JPMorgan Chase & Co. currently has an overweight rating on the stock. CCC Intelligent Solutions shares last traded at $10.90, with a volume of 709,709 shares trading hands.

A number of other research analysts have also recently weighed in on the stock. Bank of America initiated coverage on shares of CCC Intelligent Solutions in a research note on Tuesday, August 20th. They set a “buy” rating and a $15.00 price objective for the company. Barclays dropped their price target on CCC Intelligent Solutions from $14.00 to $13.00 and set an “equal weight” rating for the company in a research report on Tuesday. Barrington Research restated an “outperform” rating and issued a $14.00 price objective on shares of CCC Intelligent Solutions in a research report on Tuesday. Finally, Jefferies Financial Group decreased their price objective on CCC Intelligent Solutions from $14.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $13.56.

Insider Activity

In other CCC Intelligent Solutions news, insider Michael John Silva sold 29,022 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $10.75, for a total value of $311,986.50. Following the sale, the insider now directly owns 30,172 shares of the company’s stock, valued at approximately $324,349. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Michael John Silva sold 29,022 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $10.75, for a total transaction of $311,986.50. Following the completion of the sale, the insider now directly owns 30,172 shares of the company’s stock, valued at $324,349. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mary Jo Prigge sold 38,816 shares of the company’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $10.25, for a total value of $397,864.00. Following the sale, the insider now owns 97,268 shares of the company’s stock, valued at approximately $996,997. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 213,323 shares of company stock valued at $2,157,354 over the last quarter. Company insiders own 6.67% of the company’s stock.

Institutional Trading of CCC Intelligent Solutions

Institutional investors and hedge funds have recently bought and sold shares of the business. Ghisallo Capital Management LLC acquired a new position in CCC Intelligent Solutions during the second quarter valued at approximately $132,917,000. Akre Capital Management LLC acquired a new stake in CCC Intelligent Solutions in the 1st quarter valued at $83,720,000. Principal Financial Group Inc. raised its position in CCC Intelligent Solutions by 37.8% in the second quarter. Principal Financial Group Inc. now owns 25,250,230 shares of the company’s stock valued at $280,530,000 after purchasing an additional 6,921,161 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in CCC Intelligent Solutions in the second quarter valued at about $70,844,000. Finally, Van Berkom & Associates Inc. acquired a new position in shares of CCC Intelligent Solutions during the second quarter worth about $61,605,000. Institutional investors and hedge funds own 95.79% of the company’s stock.

CCC Intelligent Solutions Price Performance

The company has a market cap of $6.80 billion, a PE ratio of -52.05, a P/E/G ratio of 6.26 and a beta of 0.62. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.79 and a quick ratio of 2.79. The company has a 50-day moving average price of $10.85 and a two-hundred day moving average price of $11.02.

CCC Intelligent Solutions (NYSE:CCCS) last issued its quarterly earnings data on Monday, October 28th. The company reported $0.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.09 by $0.01. The company had revenue of $238.48 million during the quarter, compared to the consensus estimate of $237.41 million. CCC Intelligent Solutions had a net margin of 2.36% and a return on equity of 5.16%. CCC Intelligent Solutions’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the company earned $0.03 earnings per share. Sell-side analysts expect that CCC Intelligent Solutions Holdings Inc. will post 0.16 earnings per share for the current fiscal year.

About CCC Intelligent Solutions

CCC Intelligent Solutions Holdings Inc, operates as a software as a service company for the property and casualty insurance economy in the United States and China. The company's cloud-based software as a service platform connects trading partners, facilitates commerce, and supports mission-critical, artificial intelligence enabled digital workflow across the insurance economy, including insurers, repairers, automakers, parts suppliers, lenders and more.